ASK Automotive IPO Subscribed 1.34 Times on Day 2

New Delhi, Nov 8 (PTI) The Initial Public Offering (IPO) of ASK Automotive was subscribed 1.34 times on the second day of subscription on Wednesday.

The Rs 833.91 crore initial share sale received bids for 2,77,73,431 shares against 2,06,99,974 shares on offer, as per NSE data.

The category for non-institutional investors got subscribed 2.27 times while the quota for Retail Individual Investors (RIIs) rer Qualified Institutional Buyers (QIBs) was subceived 1.68 times subscription. The portion foscribed 6 per cent.

The IPO is an Offer For Sale (OFS) of 2,95,71,390 equity shares by promoters -- Kuldip Singh Rathee and Vijay Rathee.

Since the IPO is completely an OFS, the entire proceeds will go to shareholders divesting their shares.

The issue has a price band of Rs 268-282 per equity share.

ASK Automotive on Monday said it has mobilised a little over Rs 250 crore from anchor investors.

Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent in the 2022 fiscal.

The firm supplies safety systems and critical engineering solutions with in-house designing, developing, and manufacturing capabilities.

The company has clients, including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.

JM Financial Ltd, Axis Capital Ltd, ICICI Securities Ltd and IIFL Securities Ltd are the book-running lead managers to the issue.

The equity shares are proposed to be listed on the BSE and the NSE.